Bitmine hits 97% of its Ethereum target after latest buy

Bitmine Immersion Technologies has made 97% of its way toward its goal of owning 5% of all Ethereum after adding 32,447 ETH over the past week, the company said Monday. The largest Ether treasury firm now holds about 5.9 million ETH, or 4.8% of Ether’s total supply. It has staked over 5 million ETH, representing 87% of its ETH holdings and about $12.4 billion at the company’s stated ETH price. The latest acquisition came amid a sharp recovery across most crypto assets, with Ether gaining more than 30% last week. Bitmine Chairman Thomas “Tom” Lee sees room for the rally to extend, adding that similar 30% weekly gains in 2021 and 2025 were followed by much larger advances. “This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin. These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains,” Lee noted. Bitmine’s total crypto, cash, marketable securities and “moonshots” holdings have grown to $14.9 billion. In addition to ETH, the portfolio incl...